Bitcoin bull run next? Bitfinex stablecoin ratio ‘blows up’ in 2023
A “major leading indicator” for Bitcoin is pointing the way toward a classic repeat of bullish BTC price phases, analysis says. Bitcoin (BTC) is facing the prospect of a “big bull move” as stablecoin buying power returns, on-chain data hints. Analysis courtesy of on-chain analytics platform CryptoQuant now shows stablecoin supply metrics repeating historical bull market patterns. “Major leading indicator” flips bullish for BTC price Bitcoin is in peak accumulation mode, according to CryptoQuant’s stablecoin s ratio metric, and the results have always been positive for BTC price action. As noted by market cyclist and on-chain analyst Cole Garner, when denominated in United States dollars, the stablecoins ratio for exchange Bitfinex recently hit its highest since late 2022. This came at a time when markets had sold off significantly after the FTX meltdown, paving the way for a resurgence that took the BTC price 70% higher in Q1 alone. “Bitfinex Bitcoin to stables ratio blows up in adv...